Anne Wojcicki secures court approval to buy 23andMe

In the United States, Anne Wojcicki’s nonprofit, TTAM Research Institute, has been granted court approval to acquire 23andMe, a genetic testing company she co-founded nearly two decades ago, for a total of $305 million. The approval comes in the wake of 23andMe’s Chapter 11 bankruptcy filing, which occurred in March 2023, and ends a prolonged bidding battle with Regeneron Pharmaceuticals, which previously had an agreement to purchase most of 23andMe’s assets for $256 million. Wojcicki aims to enhance 23andMe's mission to help individuals access and understand their genetic information, emphasizing a more user-friendly and health-centered approach to genetic testing following the company's struggles after going public. The acquisition aims to operate 23andMe outside of the pressures of public markets, especially after Wojcicki observed difficulties in maintaining a profitable business model. The journey to acquire the once-public company has not been without challenges; in September 2022, 23andMe's independent directors resigned, citing significant disagreements with Wojcicki regarding the direction of the company. Resignation from her position as CEO in March was part of Wojcicki’s strategy to set herself up as an independent bidder for the company. Privacy concerns also complicate the situation. California and several other states have expressed opposition to the sale, citing worries regarding compliance with genetic privacy laws. Attorney General Rob Bonta’s office is particularly vocal, indicating that 23andMe's sale does not meet the legal standards set forth for genetic information privacy, illustrating the complex interplay between corporate intentions and consumer rights. Although TTAM has committed to upholding existing privacy policies and allowing users to manage their data preferences, skepticism remains about the implications for the 13 million customers of 23andMe. Going forward, the sale is anticipated to close in the coming weeks, with notifications sent to all customers about their options regarding personal data management. The overall sentiment surrounding Wojcicki’s acquisition reflects a blend of excitement for potential innovations in genetic testing and concern over privacy and ethical considerations. As the acquisition unfolds, stakeholders will watch closely to see how TTAM's management of 23andMe may reshape the future of genetic testing and consumer access to personal health data.